Friday, April 18, 2008

What are the biggest threats to the economy?

Very interesting story from the AP about a survey that was put out to financial gurus about the future of the economy and the most looming threats. The first of course was the housing fiasco and the second and third...

the next biggest threats to the economy now as the possibility the government will impose higher taxes or raise protectionist barriers to foreign competition.

Interesting because Obama and Hillary have pledged to do both. Both pledged to review NAFTA. Both have spoken against the CFTA (Colombian). I know of course that the entire country was glued to the debate the other night and witnessed BOTH candidates talking about raising taxes. Charlie Gibson had trouble actually getting them to say the words, but if you listened it was in every economic plan that they had. Of course the taxes that are high on the list are the “death” or estate tax where the government can take as much as 40% of your estate after you die. Nice eh? And the capital gains tax, which Charlie Gibson pointed out to Barrack Obama that history shows when you LOWER the capital gains tax the revenues to the federal government go UP. He didn’t seem to care though and pointed out that it wasn’t about revenue, it was about making taxes “fair”. RL was going on and on about this today. I REALLY and sincerely hope that this all gets brought up in the general election debates and that people actually WATCH THEM.

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